Monday, April 14, 2014

Let my mortgage experts determine whether a reverse mortgage is right for you


There are many great Omaha area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (402) 680-2500 for a FREE home buying or selling consultation to answer any of your real estate questions. 

 Is a reverse mortgage right for you?
Today I'm here with Gregg Baily of Premier Bank. I use these guys and their services because I don't have time to babysit both my client's business and my business. So they're very helpful to me with the work that I do.
What I'm here to tell you about is just the other day a retired gentleman came into my office and handed me a foreclosure notice. I asked him what it was all about, and he told me that he had not managed to change his lifestyle after retirement. He quit making his house payments because he wanted to maintain his lifestyle. 
One of the things that people revert to when that happens is what we call a reverse mortgage. This is when you start getting money from the equity in your house. When you're getting into your twilight years you don't want to be doing this. 
So, Gregg here is my mortgage expert. He's been in the business for 20 years and should be able to help us out with this problem. He's going to show us the pro's and con's of a reverse mortgage. 
Before you can get a reverse mortgage you have to be counseled about reverse mortgages where a loan officer or lending institution cannot be present. These are independent, 3rd party government-approved counselors. You also have to pass a test before you are eligible to apply for a reverse mortgage. These counselors can spot if the prospective borrower will be an appropriate candidate for this loan by asking basic questions about the borrower's knowledge of their own finances. Also, any family member can attend this meeting, but no lenders are ever allowed. 
When you do go through with the application process, it is the same as getting a loan for a home with inspections and appraisals. Once this is done, the lender starts making payments to individuals every month. 
There are two options for this kind of mortgage. One is called a Monthly Income Stream, and is based on the value of the home and the age of the borrower or borrowers. 
Otherwise, a borrower can take a lump sum, and there are many reasons why you could take one or the other, or both. 
You do have to remember that you are spending the equity out of your house with a reverse mortgage. There is no hidden agenda, this mortgage simply allows a homeowner with equity in their home to continue living in that home. However, the consumer will be spending their equity, so they will have less equity at the end of a mortgage. How much equity is lost depends on the loan and how long you keep it. 
There may come a time where their equity is gone and they may have to start paying back, but luckily there is no payback required unless a borrower moves out of a home for 12 months or more. Sometimes older couples will have to leave the home for medical rehab, but as long as they come back within 12 months, there is no repayment required. Even if a borrower owes more than the house is worth, they do not have to pay back anything as long as they live in the home. 
However, interest will accrue on every dollar they borrow until the loan is paid off. There are options that allow for monthly payments to continue like an annuity, but there are ways to allow an income stream to continue no matter how much annuity is left in the house, or until the borrower passes away or moves out of the house. This number would be smaller than if someone took a lump sum at the closing to pay off a debt or spend in some way.
The #1 thing you need to remember about reverse mortgages is that you will have much less equity (if any) than when you bought the house. There is no way around it.
So, if you're interested in a reverse mortgage or would like financial advice, contact Gregg at (402) 715-4696 or shoot him an email at gbailey@premierbankne.com
Thanks for watching!

Friday, February 21, 2014

What Happens During the Closing Period of a Home? Let Me Explain...



There are many great Omaha area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (402) 680-2500 for a FREE home buying or selling consultation to answer any of your real estate questions.

What Happens During the Closing Period of a Home? Let Me Explain...

I've had a lot of people come to me wondering why it takes so long to close a contract on a home and get it sold. The main reason is that the title companies must perform a wide array of research on the necessary documents. However, here is a more comprehensive explanation.

To start, you must take these steps in order to close on a property:
1.  Get your loan approved.

2.  Have a termite inspection completed (or any other inspections).

3.  You need to have an appraisal done.

4.  You also need to have the title work done:
     -  This is going to take the longest out of all the steps.
     - Title companies search for names associated with the transaction as well as research the property itself. The goal of this process is to ensure that the seller gives the buyer a good, clean title.
     - If there are any liens (including child support or tax liens) against the owner of the property, they must be paid off.
     - After all the research has been completed by the title company, they open up communication with the buyer's lender in order to calculate the final numbers of the purchase including the cost of the title work, inspections, insurance, and any other work associated with the contract.

In the state of Nebraska, it is customary for the seller to sign the deed before the day of closing. Often times people will be leery of signing it so far ahead of time, but this is simply because it makes the paperwork much easier for the title company when the seller signs the deed ahead of time.  Regardless of when the signing happens, the deed will not be filed until the property closes.

This is a short summary of what happens in the titling process, but if you have any more questions feel free to contact me at (402) 680-2500 or shoot me an email at bill.black@cbshome.com

Friday, February 14, 2014

Video Blogging: Educate Your Customers!



There are many great Omaha area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (402) 680-2500 for a FREE home buying or selling consultation to answer any of your real estate questions.

Video Blogging: Educate Your Customers!

Many of you have been asking about the person who is behind the scenes of my video blog so today, I am putting John from Vyral Marketing on the spot. John has been working with us for about four years; we were one of Vyral’s first clients! “We started here in Omaha and the reason why Frank [Klezits] and I came up with this concept is to give people an educational way to stay in touch with their database,” John tells us. He’s always telling me to look at the camera!

“We want to make sure that people are getting relevant content about their real estate needs,” he continued. This relevant information includes improving your house, the current state of the customer’s specific market and what is currently in that market. These guys came up with a great concept; I even remember when they pitched it to me!

Having a video blog on my website has been great because it allows me to keep you updated on what goes on in real estate. When we did the series on New Construction, we wanted you to understand what the process of buying a home. There are physically 88 things that can go wrong from time we go into contract and when we close. This can be compared to flying a plane; we all want a smooth landing but sometimes we nail it and sometimes we don’t. It’s all a matter of having the best pilot on board!

I’m glad to have Vyral Marketing to help pilot my blog! If anyone wants to use Vyral Marketing to help with their video blog, John explains that they work with a multitude of different services. “Just go to www.getvyral.com and you can see how it works, watch demos, client success stories and a list of the clients themselves,” John said.

When you call Vyral Marketing, make sure you tell them you heard it from us!

Monday, December 16, 2013

Merry Christmas and Thank You!



Welcome back and Merry Christmas! As a reminder, this year is a time of giving and appreciation and I wanted to tell you thanks for the blessings. We can't tell you how much we appreciate you doing business with us. As you can tell, I’m on the set at Westside Church where they host their annual Christmas Pageant in which they’ve gave out 22,000 tickets in 30 hours. They will do 12 performances over a two week period and if you have not seen this, it’s Broadway quality. Be sure to be on the look out for tickets next year. 

More importantly, we ask that you dig deep into your hearts and pockets and give to organizations that need it like the Open Door Mission, local church or Sienna Francis House. Getting involved with your time and kids is the biggest blessing you could ask for. From the bottom of my heart, I would like to thank you and we love you.

Merry Christmas and a Happy New Year!

Friday, November 15, 2013

Our New App Makes Searching for Homes Even Easier for You!



Our New App Makes Searching for Homes Even Easier for You!

Do you remember the old way to look for homes? I came across the “books” where all of the homes were listed. You would pick the homes you wanted to see, I would pick up the keys from the listing agent and meet you at the house. Thankfully, we’ve become much more efficient than that.

Other ways you can find homes is looking through our Home Guide, our insert in Saturday’s edition of the Omaha World-Herald, real estate magazines (only 10% of agents use this) or by finding the channel on your television and wait for the right home. But who has time to shop for houses this way?

A better way to shop for homes is to call our office at (402) 680-2500 and we can set up a search and find houses for you. But, none of these methods are the easiest. I wanted to introduce to our new CBSHome app for your smartphone. When you’re out looking for houses, all you have to do is point your phone in any direction and it will bring up the homes that are for sale in that area.

If you have any questions about the functionality of the app, please give Elise Owens a call at (402) 964-4811. We’re trying to find bigger and better ways for you to shop for houses. We’re always in your corner!


Monday, October 28, 2013

Have You Considered a Timbercraft Home?



Have You Considered a Timbercraft Home?

Welcome back! Today we’re going to talk about building a home out of Douglas fir posts by Timbercraft Homes. I have Tom Townsend with me today as he’s building this custom home for an excited customer. One of the neat features of this home is the radiant heat system that is built into the floor. The system uses antifreeze that runs through the hoses in the floor and provides warm floors and helps heat the entire house.

Tom tells us that there are large posts held together by oak pegs that are very strong and secure. Timbercraft, the company out of Michigan, cuts the timber in their shop, pre-fit the posts, load them on a truck and assemble them when they arrive at the job site. The crew puts the house together and has it is ready for windows in about 14 days.

When the Timbercraft frame is put together with SIP (structure insulated panels) panels, it is very energy efficient. SIP panels are constructed by taking plywood, adding foam and then another piece of plywood. The ceiling in the great room and garage and all the exterior walls are constructed with SIP panels. The cost is high, but there is no waste, it is constructed quickly and creates a more efficient home.

If you want to discuss a Timbercraft home, contact me and we will get together with Tom and price out your home. Call me at (402) 680-2500 or email me bill.black@cbshome.com if you have any questions.

Thursday, September 5, 2013

Do you have the right homeowner’s insurance?



Do you have the right homeowner’s insurance?

Hey, guys! Welcome back to my video blog!

People ask me all the time about home insurance and whom they should go to. The best thing to do is talk to family and friends; find out whom they trust.

I’ve been with Farm Bureau for a long time and today I am with the seven-time national agent of the year, Troy Perchal!

Troy is here to tell us about what kind of homeowner’s insurance you should have.

Troy Perchal says,

"The most important part of homeowner’s insurance is having the right amount of coverage.  Some people have their lot and their home insured; this isn’t necessary. Your lot will always be there so, you do not need to insure it. Plus, agents often overcharge for the double insurance. 

Another thing you want to check is your replacement costs. We have a 125% replacement cost. Why the extra 25%? Sometimes lumber can cost more or maybe there’s a clean up needed; it’s an extra cushion.

You also want to check the replacement costs on your personal property. Some insurance carriers have a prorated replacement cost method; they will limit costs based on certain factors such as how old the personal property is.

Earlier Bill had asked about water leakage. Either a backed up sewage, or a broken sump pump can cause water leakage. These are two are separate and must have a specific write up.

I also recommend an umbrella policy. An umbrella policy offers an excess of other protection and costs for losses not under your main coverage."

If you have any questions about Farm Bureau’s homeowner’s insurance, you can call me at 402-758-6633 or send me an email at troy.perchal@fbfs.com